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North Dakota joins Growing Trend, Considers Setting up Crypto Reserve
The state of North Dakota is considering a bold move into the world of digital currencies, with a proposed resolution seeking to diversify its financial assets by investing in cryptocurrencies and precious metals. According to reports, lawmakers have drafted a bill that aims to protect the state’s finances from the impacts of inflation and economic uncertainties.
Resolution 3001, introduced by state legislators, urges the State Treasurer and State Investment Board to explore investment opportunities in digital assets and precious metals. The move is seen as a strategic response to changing economic conditions, which necessitate a more diversified investment portfolio for the state.
While no specific cryptocurrency was mentioned in the proposed bill, the move follows a growing trend of states in the United States considering investing in Bitcoin and other digital currencies. Florida, Texas, Pennsylvania, Ohio, and New Hampshire have already expressed interest in setting up their own crypto reserves or accepting cryptocurrencies as payment methods.
If passed into law, North Dakota’s resolution would be a significant development, marking one of the first instances where a state invests its funds in digital assets. The move is seen as a pragmatic response to the current economic uncertainty and a means to protect the state’s financial resources.
The proposal comes on the heels of Louisiana, which recently started accepting payments for services with Bitcoin and the USDC stablecoin.
Source: www.crypto-news.net
